Most people are familiar with the concept of a will reading. Many movies, television shows, and other forms of popular entertainment are centered around the drama of attending a will reading and discovering whether someone has received a sizable inheritance or has been “cut out.” While wills are vital documents, the truth is often more complex than what pop culture would have you think.

Wills are not comprehensive documents. In many instances, a will may not be sufficient to ensure your estate is settled according to your wishes. Rather, a will should be one component of a more extensive estate plan. With an estate plan, you can account for all potential future concerns related to your finances, health, family welfare, and more. This is why if you or a loved one is concerned about your future, you must contact our experienced estate planning attorney. An experienced estate planning attorney can assure that you and those who matter most are taken care of both now and in the future.

Can’t I Just Have a Will?

Wills are vital documents intended to address basic concerns related to someone’s death. In most circumstances, a will is sufficient to establish funeral plans, name an executor, and assign custody of minor children or disabled adults. Depending on a person’s financial situation, a will may also be adequate to designate ownership of certain assets to intended heirs.

However, in many situations, a will may not be comprehensive enough to address all potential concerns. If you intend to leave behind vehicles, real estate, stock portfolios, ownership of a business, or more to your loved ones, a will may not suffice. This is where estate planning comes in. While most estate plans include a will, it is only one component of a much larger strategy.

What is Estate Planning?

Estate planning is a legal strategy for ensuring your wishes will be carried out regardless of the circumstances. Although estate planning is primarily intended to help distribute your assets after you are gone, it also allows you to address potential concerns that may arise in the event you are incapacitated due to age, declining health, an accident, or something else. Estate plans regularly include, but are not necessarily limited to:

• A Will
• Trusts
• Power of Attorney
• Advance Healthcare Directives
• HIPAA Authorizations

These are only a few of the potential legal documents that may be included in an estate plan. Ideally, an estate plan will address every potential concern related not only to inheritance but financial and healthcare planning. The goal of an estate plan is to account for every potential concern that may arise in the event you are unable to make your own wishes known. At the Law Offices of Robert H. Brumfield, P.C., no two estate plans are alike. Our attorneys and staff work with every client to custom-build a unique estate plan that will address all of your unique concerns.

What are Trusts?

Trusts are vital components of many estate plans. Trusts are legal arrangements that allow you to transfer ownership of certain valuable assets in such a way that they may more easily pass to your intended heirs at a designated time. When you establish a trust, it becomes a legal entity, similar to a business. You may then transfer ownership of money, vehicles, and other assets into the trust. When you do this, the items in the trust cease to be your legal property and become the property of the trust. The trust is then supervised by a manager of your choosing, called a trustee. The trustee will administer the trust according to your wishes and instructions.

Should you become incapacitated or pass away, the trustee can simply follow your instructions and distribute assets accordingly. Because these assets are the legal property of the trust as opposed to your personal property, this can circumvent concerns related to probate. This is a simplified explanation of how trusts operate, and there are multiple kinds of trusts for different situations and financial needs. Our compassionate and knowledgeable attorney can review your situation and determine what kinds of trusts may be best for you.

How Can Estate Planning Take Care of My Health Concerns?

Many people think that estate planning is only intended to settle questions of inheritance. This is not true. Estate planning is meant to be a comprehensive strategy that addresses all end-of-life concerns. This includes sickness and incapacitation. In the event you must go into the hospital because of a sickness, injury, or advancing age, an estate plan can ensure that your wishes are carried out accordingly.

An estate plan can be used to designate someone with power of attorney. Power of attorney is a special legal privilege that allows another person to act in your place in specific situations, such as if you are hospitalized. To make medical decisions, your power of attorney will require a HIPAA authorization, another document included in an estate plan.

Your designated power of attorney can then follow the instructions you have left in an Advanced Healthcare Directive. This is another component of an estate plan, which contains instructions related to your healthcare. A directive may include instructions for your continued care or may contain a do-not-resuscitate order, also called a DNR.

A DNR instructs doctors not to pursue life-saving measures in the event you are declared legally dead. A DNR may also include instructions to cease care if your quality of life would be greatly diminished. For example, in some cases, life-saving measures may result in a person being permanently disabled or comatose. A DNR can address these concerns.

These are only a few ways in which an estate plan can address your healthcare concerns. Our compassionate attorney can review your particular needs and ensure a comprehensive estate plan covers them all.

What Should I Do if I Need to Estate Plan in the Mammoth Lakes area?

Many people believe they only need to leave behind a will. This is not necessarily true. Depending on your particular financial circumstances, a will may not be adequate to easily and properly distribute your estate. Additionally, wills do not allow you to address potential healthcare concerns. This is why estate planning is vital for everyone. If you or a loved one needs to estate plan, don’t hesitate to contact The Law Offices of Robert H. Brumfield, P.C.

Robert H. Brumfield and his dedicated staff pride themselves on their compassion for every client. He understands estate planning is a sensitive yet vital topic, and approaches every client with individual care and concern. If you or a loved one needs to build an estate plan, don’t hesitate- call 661-384-6940 to schedule your free consultation with Robert H. Brumfield today.